XGIMI, a China-based projector manufacturer, will invest $30 million in the first phase of a project in Vietnam’s northern province of Nam Dinh.
XGIMI and the Nam Dinh management board of industrial parks signed a memorandum of understanding (MoU) for the project on Wednesday.
The Chinese firm will build a factory, also its first overseas one, for production of projectors and laser televisions in My Thuan Industrial Park. It targets beginning production later this year.
At the signing ceremony, an executive of the Chinese firm highlighted Nam Dinh’s advantages for the project, including the Nam Dinh leadership’s willingness to aid the firm as well as the province’s similarities with the development path of China’s Sichuan province.
Nam Dinh Chairman Pham Dinh Nghi stressed that the province’s potential strengths included the capacity to provide a strong, skilful workforce as well as expressways that will improve connectivity with Hanoi.
Founded in 2013, XGIMI leads the Chinese market now and has built up a network of over 5,000 stores across the globe.
Nam Dinh attracted foreign direct investment of $16.7 million in the first two months of this year, according to the Ministry of Planning and Investment. The figure was the 26th-highest among all localities of Vietnam.